Estate planning is the process of anticipating and arranging, during a person’s life, the management and disposal of that person’s estate in the event of incapacitation or death. That means the division and distribution of your assets if you are either incapacitated or dead. We understand that this is not something people generally want to talk about or think about. However, the distribution of your assets is often a point of conflict for many families.
Multiple family members may want certain mementos from your property which causes arguments and feuds. Having an estate plan alleviates potential conflict by outlining exactly who is to receive what items. It can also help move along the process of transferring real estate property in the courts. If an individual who owns real estate property passes away without an estate plan, the transfer of their property can last months or even years. Thankfully, Jim Mitchell & Jed Davis, P.A. can help you create an estate plan to alleviate any potential conflict or court complications.
1. Provide for your family
Estate planning gives you the ability to leave enough money for your surviving spouse to care for the family.
2. Ensure assets go to the correct beneficiaries
Your estate plan lays out exactly who gets what. This leaves no questions for courts in deciding which family member gets what assets.
3. Eases the burden on your family
Your family will know exactly what you want in terms of funeral arrangements. You can even set aside money to help pay for your funeral.
4. Reduce estate taxes
Properly planning your estate with a lawyer helps you minimize the amount of estate taxes your family would have to pay. This maximizes the amount of money your family receives.
5. Support your favorite charity
As part of your estate plan, you can designate a portion of your money or assets to a charity or cause you support.
Do you have assets including jewelry, vehicles, and real estate that you want to give to certain family members, friends, or charity upon your passing? Then a legal estate plan is the best way to ensure your assets are distributed properly upon your passing. Our professional estate planning lawyer can help you create your legal estate plan, so your wishes are met and you can settle any estate and trust disputes.
Contact us today to schedule a consultation with our estate planning lawyers and begin making preparations. We proudly serve families and individuals across Lewiston, Auburn, Waterville, Augusta, Gardiner, ME, and surrounding areas!
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ADDRESS:
86 Winthrop Street, Suite 1, Augusta, ME 04330-5566
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207.622.6549